Faraday Future Intelligent Electric has announced a financing package raising up to $350 million, as the electric-vehicle startup looks to roll out its long-awaited FF 91 luxury car.
The package, which entails an initial commitment of $200 million from New Jersey-based investment firm Yorkville Advisors Global, is set to finally allow Faraday Future to launch the FF 91, originally scheduled for a 2018 rollout.
Yorkville has previously provided financing for EV startups Canoo and Lordstown Motors.
Faraday Future has faced a number of barriers to successfully launching its first vehicle, with founder Yueting Jia removed from his position as CEO as well as an SEC investigation into an alleged “misinformation campaign”.
“This new financing facility is a key part of our strategy to raise the funds we need to get the FF 91 on the road and in the hands of users as quickly as possible,” Faraday Future CEO Carsten Breitfeld said in a statement.
Founded in 2014 by Jia, Faraday Future has been struggling financially for the past five years. The positive announcement appears to have done little to move investor sentiment, with minimal impact made to the firm’s share price.